Sunday, 11 May 2014

4-time rise in gold smuggling during 2013-14, Rs 245 cr gold seized

On a worrisome trend, there has been a rise of almost 4-time higher in the case of smuggling gold as 148 such cases have been reported and yellow metal worth about 245 crore rupees seized by the Directorate of Revenue Intelligence (DRI) officials during 2013-14.

No fewer than 40 cases of smuggling gold were recorded in 2012-13. Gold value seized in such cases was approximately Rs 44.80 crore, according to the DRI, which acts as the lead agency to verify smuggling.

The seized gold was being smuggled into nationwide through various mediums - hiding into luggage and even through a false statement for the imported goods, among others.

DRI officials had been arrested 464 people over the past year, compared to 202 in 2012-13 for their involvement in smuggling gold.

The customs officials at international airport in Delhi have also logged 363 cases of smuggling of gold and 353 kilograms of the precious yellow metal were seized during 2013-14. The value of the seized gold is about Rs 90 crore, the officials said, adding 123 people were detained in these cases.

"There has been a significant rise in case of smuggling gold. Last year, only 20 to 25 kg gold seized here," first published a customs officer in the Indira Gandhi International Airport said.

Finance Minister P Chidambaram, who has been urging people to monitor their passion for gold, had earlier this year said about 1,000-3,000 kg of yellow metal was smuggled into nationwide each month.

By the way, gold smuggling exceeded cases of illicit trafficking.

DRI officials had been recorded 44 cases of smuggling gold, smuggle valuing is Rs 209 million rupees in 2013-14 as compared with 36 cases of contraband narcotics worth Rs 194 million rupees seized in 2012-13.

Strong demand for gold has been a concern for the Ministry of Finance, which went out of control Current Account Deficit (CAD), difference between the exit and entry of foreign currency.

The CAD had hit a historic high of USD 88.2 billion, or about 4.7 percent of GDP in 2012-13 and was primarily ascribed to higher imports of oil products and gold.